GRACE CHURCH MILTON KEYNES
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31[st] MARCH 2024 Charity number: 1156871
GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
Contents
| 1–6 | Trustees’ Annual Report |
|---|---|
| 7 | Independent Examiner’s Report |
| 8 | Statement of Financial Activities |
| 9 | Balance Sheet |
| 10–15 | Notes to the Financial Statements |
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
The Trustees present their annual report and the financial statements of the church for the period ended 31[st] March 2024
REFERENCE AND ADMINISTRATIVE INFORMATION
Registered charity name:
Grace Church Milton Keynes
Charity registration number: 1156871 Principal office: Church Office Office 5 11 Winchester Circle Kingston Milton Keynes MK10 0BA
Governing Documents CIO Foundation Registered 01 May 2014 Trustees: James Alastair Davies (Chair) Timothy John Gannon Leisl Hunter Donna Kapaya (resigned 31/3/24) Jonathan Mark Kempster David Leslie Wyatt
Independent Examiner: Mervyn Thomas 128 Putnoe Lane Bedford, MK41 8LS Principal Bankers: CAF Bank Ltd. Solicitors: Roger Snowden
CHARITY STATUS
The Church is a charitable incorporated organisation (CIO) registered in 2014 becoming operational in 2019 with funds transferred from the previously registered trust.
AIMS AND PURPOSE
The CIO is established to:
-
Advance the Christian Faith, the preaching and proclamation of the Christian gospel and the teaching of Christian doctrine and principles and the pastoral care of Christian people.
-
Relieve people who are in conditions of need, financial hardship or who are aged or sick.
-
Advance education, both general and vocational, but always on the basis of Christian principles. The Church's policy remains that of pursuing those objectives in an unrestricted manner.
As a church we are seeking to live our lives the way God intended. Simply put, our vision is to:
Love God, Love People and Love Life.
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
Grace Church operates primarily but not exclusively in Milton Keynes, Buckinghamshire and employs one full-time pastor and one part-time Administrator. The staff are supported by the Trustees (in their capacity as church leaders) and many volunteers who carry out pastoral work, communication of the gospel, work with children and young people, the elderly, those in need, finance, administration and other related activities. The Trustees meet on a quarterly basis.
REVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE
The number of people attending Sunday services has grown steadily throughout this year and we have been able to maintain a balanced offering of services and support to our members and to the wider community in Milton Keynes despite resourcing and capacity challenges.
The Trustees and the Eldership team are committed to enabling as many people as possible to worship at Grace Church and to benefit from all its ministries and activities provided by the church. When planning our activities for the year, the Trustees and Eldership team have taken on board the Commission’s guidance on public benefit and, in particular, the guidance given on charities for the advancement of religion.
The church continues to be part of a family of churches, New Frontiers, and a specific ‘sphere’ known as ‘Catalyst’ to ensure best practice is followed in all areas of church life. We have maintained our links with ‘Woodside Church’ in Bedford for friendship, input and accountability.
There were no serious incidents to report in this reporting period. Some highlights from the year are given below.
August 2023
Our youth attended the national festival ‘New Day’ attended by over 7,000 teenagers.
November 2023
We held a baptismal service, celebrating declarations of faith and commitment to following Jesus.
November 2023 – March 2024
We continued our Warm Place provision from the previous year, hiring a local community hall in the Fishermead Estate in Milton Keynes to provide a weekly ‘Warm Place’. This service was open to anyone in the community who would benefit from a simple warm meal in a heated venue and the chance to meet and get to know others. Numbers of people attending varied each week from 10 to 27 people.
January–March 2024
We offered another Alpha Course for anyone wanting to learn more about the basics of Christianity, held in a local café and people’s homes.
March 2024
Donna Kapaya resigned as a trustee according to plan. The Trustees noted their gratitude to Donna for her exceptional input, advice and service as a Trustee.
March–May 2024
We ran a rigorous recruitment process to hire a new Assistant Pastor.
In addition, last year we continued to give financial support to local charities such as MK Money Lifeline and Unity MK.
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
FINANCIAL REVIEW
Income generation
The church’s total income for the year was £172,757 (2023: £172,665), which was generated through the voluntary giving of church members). £4,900 was given to restricted funds to help people in need.
Expenditures
Total expenditures were £124,965 (2023: £140,780).
Funds
Overall funds are £222,240 (2023: £174,448). The Trustees have designated £110,000 from the general fund to the Designated Future Building Fund in line with our reserves policy which follows
Reserves policy
The church holds unrestricted and restricted funds. Transfers are made from unrestricted to restricted funds in order to prevent restricted funds from going into deficit. Our overall policy for unrestricted funds is only to increase reserves above a minimum threshold necessary to operate the organisation (not more than 3 months expenditure) or where specific projects are being planned for subsequent years.
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain transactions and disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements conform to the charities SORP. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ON BEHALF OF THE TRUSTEES
James Davies as Chair of Trustees
Dated: 3/2/25
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GRACE CHURCH
on the accounts for the year to 31[st] March 2024
as set out on pages 8–15 in this document
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
Independent examiner's statement
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention.
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect, the requirements:
-
1) to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
-
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Mervyn Thomas 128 Putnoe Lane Bedford MK41 8LS
Dated: 03/02/2025
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
For the accounting period 1st April 2023 to 31st March 2024
| Incoming Resources | Notes 3 |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
|---|---|---|---|---|---|---|
| Voluntary income | 163,592 4,900 - |
168,492 167,315 |
||||
| Government Grants | 3,930 | - | 3,930 5,000 |
|||
| Charitable activities | 335 - |
- |
335 350 |
|||
| Total Incoming Resources Resources Expended Raising funds Charitable activities Total Charitable Resources Expended Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
167,857 4,900 - |
172,757 172,665 |
||||
| 4 |
||||||
| 896 - - 119,115 4,954 - |
896 687 |
|||||
124,069 140,093 |
||||||
| 120,011 4,954 - |
124,965 140,780 |
|||||
| 47,846 (54) - |
47,792 31,885 |
|||||
| (20,000) - |
20,000 - |
- |
||||
| 27,846 (54) 20,000 47,792 31,885 |
||||||
| 41,939 7,509 125,000 174,448 142,563 |
||||||
| 69,785 7,455 145,000 222,240 174,448 |
||||||
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
At 31st March 2024
| Current assets Prepayments and Debtors Cash at bank and in hand Total current assets Short Term Liabilities Total assets less liabilities Charity Funds Unrestricted funds Restricted Funds Designated Fund Total funds |
Notes 5 6 |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
Unrestricted Restricted Designated Total Funds Total Funds Funds Fund Funds 2024 2023 £ £ £ £ £ |
|---|---|---|---|---|---|---|
| 51,499 - |
- |
51,499 27,941 |
||||
| 22,303 7,455 145,000 174,758 149,343 |
||||||
| 73,802 7,455 145,000 226,257 177,284 |
||||||
| (4,017) - |
- |
(4,017) (2,837) |
||||
| 69,785 7,455 145,000 222,240 174,447 |
||||||
| 69,785 | 69,785 41,939 |
|||||
| 7,455 | 7,455 7,509 |
|||||
| 145,000 145,000 125,000 |
||||||
| 69,785 7,455 145,000 222,240 174,448 |
||||||
Signed on behalf of the trustees:
James Davies as Chair of Trustees on 3/2/25
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
NOTES TO THE FINANCIAL STATEMENTS
1 BASIS OF PREPARATION
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
The Charity is a going concern. Income generation through members’ donations is maintaining adequate reserves and restrictive funds are adequate.
1.3 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
2. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
2.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
2.2 Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the church. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Transfers are made from unrestricted to restricted funds as necessary to prevent restricted funds from going into deficit. Transfers are made from unrestricted to designated funds in accordance with the Churches strategy and reserves policy.
2.3 Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the church becomes entitled to the income and it is more likely than not that it will receive the resources and the amount can be quantified with reasonable accuracy. Voluntary income is received by way of donations and gifts. Gift Aid is included in the SoFA when receivable.
Grants are included in the SoFA when the general income recognition criteria above are met and in the case of performance-related grants income is recognized to the extent that the specified goods or services have been provided. Donated services and facilities are included at the value to the church where this can be measured reliably. The value of services provided by volunteers has not been included in these accounts. Investment income is included when received.
2.4 Resources expended
Expenditure is recognized on an accrual basis as a liability is incurred. Expenditure includes any VAT that cannot be recovered, which is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the church (as a charitable company) and include the audit fees and costs linked to the church’s legal constitution.
2.6 Pension costs
Employees of the church are entitled to join a defined contribution pension scheme. The church contribution is limited to the contributions disclosed in note 3.
2.7 Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
2.8 Fixed Assets
Expenditures for equipment whose cost is greater than £5,000 are capitalised and depreciated over the life of the asset. This is 25% for electronic equipment.
2.9 Creditors
Creditors (including accruals) are recognized when due at the balance sheet date.
(Continued)
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
3. ANALYSIS OF INCOME - for the current reporting period.
| 3. ANALYSIS OF INCOME - for the | current reporting period. | current reporting period. | current reporting period. | current reporting period. |
|---|---|---|---|---|
| Unrestrict ed Restricted Total Funds Total Funds Funds Funds 2024 2023 £ £ £ £ |
||||
| Voluntary Income | ||||
| Donations | 131,708 4,925 136,633 126,981 |
|||
| Gift Aid | 31,884 (25) 31,859 40,334 |
|||
| Total Voluntary Income | 163,592 4,900 168,492 167,315 |
|||
| Activities for generating funds | ||||
| HMRC Employment Allowance | 3,930 | 3,930 5,000 |
||
| Total Activities for generating Funds |
3,930 - |
3,930 5,000 |
||
| Charitable Activities | ||||
| Interest | 335 - |
335 350 |
||
| Grand Total Incoming Resources | 167,857 4,900 172,757 172,665 |
3.2 ANALYSIS OF INCOME - for the previous reporting period
| Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 £ £ £ £ |
Unrestricted Restricted Total Funds Total Funds Funds Funds 2023 2022 £ £ £ £ |
|
|---|---|---|---|---|
| Voluntary Income | ||||
| Donations | 118,507 8,474 126,981 112,100 |
|||
| Gift Aid | 40,334 - |
40,334 15,331 |
||
| Total Voluntary Income | 158,841 8,474 167,315 127,431 |
|||
| Activities for generating funds | ||||
| HMRC Employment Allowance | 5,000 - |
5,000 4,000 |
||
| Total Activities for generating Funds |
5,000 - |
5,000 4,000 |
||
| Charitable Activities | ||||
| Interest | 350 - |
350 27 |
||
| Grand Total Incoming Resources |
164,191 8,474 172,665 131,458 |
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
| 4 ANALYSIS OF EXPENDITURE | |||
|---|---|---|---|
| Expenditure on raising funds | Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 £ £ £ £ |
||
| Website and Publicity | 896 - |
896 687 |
|
| Total expenditure on raising funds |
896 - |
896 687 |
|
| Expenditure on Charitable Activities | |||
| Employee Salaries | 42,180 | 42,180 65,419 |
|
| Employer's National Insurance | 3,929 | 3,929 6,183 |
|
| Pension Contributions | 6,805 | 6,805 10,801 |
|
| Visiting Speakers | 574 | 574 321 |
|
| Training and Discipleship | 5,236 | 5,236 4,462 |
|
| Total Staff Costs | 58,724 - |
58,724 87,186 |
|
| Venue Hire | 15,650 | 15,650 14,280 |
|
| Cost of running meetings | 3,629 | 3,629 4,141 |
|
| Administration and Office | 12,853 | 12,853 7,836 |
|
| Total Establishment Costs | 32,132 - |
32,132 26,257 |
|
| Children | 525 | 525 473 |
|
| Youth | 6,781 | 6,781 3,029 |
|
| Evangelism | 1,453 | 1,453 369 |
|
| Pastoral | 107 | 107 33 |
|
| Expenses and Support | 2,277 | 2,277 729 |
|
| Hardship Support | - 2,667 2,667 500 12 426 438 1,189 11,155 3,093 14,248 6,322 |
||
| Remember the Poor | |||
| Total Ministry Costs | |||
| Debt Advice | 9,999 | 9,999 9,999 |
|
| International | - | 4,509 | |
| To other charities | 7,105 1,861 8,966 5,820 |
||
| Total Donations Out | 17,104 1,861 18,965 20,328 120,011 4,954 124,965 140,780 |
||
| TOTAL EXPENDITURE |
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
4.3 Staff
The number of paid employees is 2 (previous year 2)
4.4 Trustees Disclosures
Mr T Gannon, a Trustee, receives remuneration as Pastor of the Church including pension. His salary is set by a remuneration committee composed of unremunerated trustees. No other trustee or persons related to trustees are employed.
No trustee has received expenses in connection with trustee-related matters.
| 5 DEBTORS AND PREPAYMENTS | |
|---|---|
| 2024 2023 |
|
| £ £ |
|
| Prepayments | 5,649 3,152 |
| HMRC Debtors | 45,850 24,789 |
| Totals | 51,499 27,941 |
| 6 CREDITORS AND ACCRUALS | |
| Short term creditors and accruals | 2024 2023 £ £ |
| 4,017 2,837 |
6. CHARITY FUNDS
Details of All Funds with movements during the reporting period 2023-2024
| Brought | Carried | ||||
|---|---|---|---|---|---|
| Forward | Income Expenditure Transfers Forward |
||||
| Unrestricted General Fund | 41,949 | 167,857 (120,011) (20,000) 69,795 |
|||
| Restricted Funds | |||||
| Hardship Fund | 4,816 | 1,557 (2,667) |
3,706 | ||
| Homeless | 800 | - | 800 |
||
| Remember the poor | 828 | 828 | |||
| Warm Room | 1,055 | 1,350 (426) |
1,979 | ||
| Other Charities Christmas Offering |
- | 392 (260) - |
132 |
||
| - | 1,476 (1,476) - |
- |
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GRACE CHURCH MILTON KEYNES TRUSTEES REPORT and FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] MARCH 2024
| Overseas | - 125 (125) - |
- 125 (125) - |
- 125 (125) - |
- |
|---|---|---|---|---|
| Total Restricted Funds | 7,499 4,900 (4,954) - |
7,445 | ||
| Designated Building Fund | 125,000 | 20,000 145,000 |
||
| Total Funds | 174,448 172,757 (124,965) - |
222,240 | ||
6.1 Movements in Fund s Reason Amount £ From Fund To Fund Trustee Designation 20,000 General Building Fund
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